1 Timothy 5:8 states, “Anyone who does not provide for their relatives, and especially for their own household, has denied the faith and is worse than an unbeliever.”
In my 30+ years of serving clients in the financial services industry, I have yet to meet someone who would disagree with the statement, “You want what’s best for you and your family, correct?” For me, that has always generated a “Yes, of course I do” response. That is because each of us has expectations and has worked hard to pave the way to financial independence and security. We have done our best to be wise, diligent, and consistent to achieve this objective.
Challenges often arise when we adopt a narrow perspective on life. Many of us navigate our days without pausing to think about future uncertainties, especially concerning our health and that of our loved ones. This neglect can leave us vulnerable to unforeseen circumstances that upset even the most carefully constructed plans. Abrupt health changes are rarely anticipated, yet they can occur. These events don’t just impact the individual facing health issues; they also resonate through their family, friends, and community, affecting everyone connected to them.
A recent study by the National Alliance for Caregiving reports that, in 2025, 63 million American adults provided ongoing care to adults or children with a medical condition or disability, representing almost one-quarter of all adults in the United States. Of these 63 million caregivers, 59 million care for an adult with a complex medical condition or disability.
The dynamic includes two main groups: the care recipients and the caregivers. More than half of the care recipients are aged 75 or older, while the average age of caregivers is 51. Women dominate the caregiver population, accounting for 61%, and 24% of caregivers are responsible for multiple recipients.
Without a strategic plan in place, the disruption can profoundly affect caregivers, derailing their careers, jeopardizing their financial stability, and thwarting their aspirations and dreams.
Over 40% of care recipients live with their caregivers, and 35% live nearby; 22% of caregivers provide more than 21 hours of care per week. To say the least, all parties involved and their households are affected in some way. To minimize the difficulties caused by these life-changing events, a family needs to communicate and have an action plan.
Communication must be done in advance, not at a crisis point, following the three steps: Learn, Share, and Act. Both the potential care recipient and the caregiver need to educate themselves on what is involved in the caregiving process. It is advised to have a written action plan outlining the types of care services that will be needed as the ailing patient’s health continues to decline. Determining who will be the caregiver at each phase of the plan is also very important. Consider the cost to the care recipient, as well as the financial losses the caregiver may incur through their sacrifice.
“You want what’s best for you and your family, correct?” If you ask this question to either the care recipient or the caregiver, then the answer would be an emphatic, “Yes, of course I do!” Oftentimes, wanting the best and planning for the best have two completely different outcomes.
If you’re seeking guidance or a personalized care plan for your family, we invite you to contact our office. We are here to support you with a plan that thoughtfully addresses the physical, mental, and emotional aspects of caregiving, ensuring that you and your loved ones are well cared for during this critical journey.
Michael Wallin, Certified Financial Planner ™. For more information, please see www.panthrex.com or call 615-236-2220.
